The Nigerian Consumer Credit Corporation (CREDICORP) has unveiled SPARK, a USSD-based credit product designed to help Nigerians, particularly first-time borrowers, access loans and build formal credit histories without smartphones or internet connectivity.
The Corporation announced the product in a statement weekend, saying it would enable users to access credit through basic mobile phones.
It added that borrowers could progressively improve their credit profiles by establishing repayment records through responsible borrowing, creating pathways to wider financial opportunities.
The product is expected to become more widely available to Nigerians before the end of 2026.
CREDICORP unveiled SPARK at its ‘CREDICORP for All’ showcase in Aba, Abia State, where it highlighted affordable credit opportunities for more than 1,000 residents.
The event brought together beneficiaries, participating financial institutions, local vendors and government representatives to demonstrate how consumer credit could improve livelihoods.
Activities included demonstrations of credit access for market women and traders, presentations on the YouthCred programme for young Nigerians, and the showcasing of credit-backed tricycles for transport operators.
The event also featured locally assembled tricycles made available on credit through CREDICORP’s Securing Consumer Access for Local Enterprises (S.C.A.L.E.) initiative.
Chinenye Mba-Uzoukwu, chief principal to Abia State Governor Alex Otti, said the state government was creating an environment in which responsible consumer credit and enterprise could thrive.
Representing the governor, Mba-Uzoukwu said the administration was working to create conditions for businesses to grow, investments to flourish and responsible credit to reach more residents.
He added that strengthening the environment for enterprise would make it easier for initiatives such as CREDICORP to support traders, young people and working families across the state.
Armstrong Ume Takang, managing director of the Ministry of Finance Incorporated and a CREDICORP board member, said the showcase demonstrated how federal government policies could translate into economic opportunities for Nigerians.
He said the consumer credit initiative reflected President Bola Tinubu’s commitment to building an economy in which more citizens could access the tools and opportunities needed to improve their lives.
“Through CREDICORP, we are seeing how well-structured public investment can stimulate enterprise, support local manufacturers and deliver measurable economic impact directly to citizens,” Takang said.
CREDICORP Managing Director and Chief Executive Officer Uzoma Nwagba said the corporation aimed to extend consumer credit beyond financial institutions and make it accessible to ordinary Nigerians.
“Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian,” Nwagba said.
He said the Aba showcase demonstrated how the initiative could provide credit to market women, financial opportunities for young people, productive assets for transport operators and a simple means for Nigerians to begin building credit histories through SPARK.
According to the statement, CREDICORP has enabled more than N53.5 billion in consumer credit for over 351,000 Nigerians since commencing operations, with women accounting for approximately 59 per cent of beneficiaries.
